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Stocks discussed on the Lightning Round session of Jim Cramer's Mad Money TV Program, Thursday June 23.

Bullish Calls:

Apple (NASDAQ:AAPL): "I think it was (the bottom) right there...it sells at 3 times projected cash. It has only done that once in a couple of years, and when it does, there is an explosion upwards. I've been holding in my horns...I'm only going to $400 (as a target), because we lost Ron Johnson. I do believe Apple will go higher, and I believe it has bottomed."

Caterpillar (NYSE:CAT): "At one point, Caterpillar was down $2.50, and that was unbelievable. They said over and over and over again that when oil goes down to $80 or $90, that is where they will do best...so oil goes to $90, and what do people do? They sell, sell, sell...Why? Because they are morons...I think Caterpillar is terrific here."

Advance America (NYSE:AEA): "That is a great call...it yields 4%...it is terrific."

Freeport McMoRan (NYSE:FCX): "I pulled the trigger on this one...I saw this going down, down, down...oil goes down, does that mean it is the end of the world? No, it is the beginning of the world...with oil going down, the Chinese will stop tightening, so they will buy more copper, which means that FCX will go back to $52- $53...that is why you should be a buy, buy, buyer."

Bearish Calls:

Oclaro (NASDAQ:OCLR), Finisar (NASDAQ:FNSR), Ciena (NYSE:CIEN): "I did a huge mea culpa. I switched directions on this stock (Oclaro)...but this was a bad pick...Finisar blew up, and Ciena blew up...but OCLR is too low. Am I going to tell you to buy more and average down? We don't average down bad companies...I would not sell here...let it lift. Finisar is even lifting, and Finisar...at one point I would have said it was a joke of a company, but I am so like Gandhi, I'm not going there."

AK Steel (NYSE:AKS): "I don't know. I'm not a big fan of steel companies, because the architectural billings aren't so good...I'm not going to recommend the steel companies. It is hard for me...I've got a full plate...I've got a full plate special."

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Source: Cramer's Lightning Round - Apple Has Bottomed (6/23/11)